Advised by H2SO, Scottish Widows Investment Partnership (now part of Aberdeen Asset Management) has sold a prime development site in London's Marylebone to specialist luxury homes developer, the RoyaltonGroup, for £75 million (approx. € 91.09 million).
Formerly the home of BBC London at 35 Marylebone High Street W1, the 56,624 ft² (approx. 5,260 m²) property has planning consent for a redevelopment comprising 19 apartments and five townhouses.
The Marylebone Gardens development will be the second major project in central London for the Royalton Group which has an established track record of creating luxurious homes in prime locations in the south east of England through its Royalton and Art Estates brands.
Royalton Group CEO, Ken Parker commented: "In 2013, Marylebone emerged as the top-performing central London residential location with house prices rising by 17.4% during the year. This was testament to the current huge demand for high quality residential in the area.
"Marylebone Gardens is unique, situated in the heart of one the most desirable areas in central London. We are going to create a new landmark address which will bear the hallmarks of Royalton's commitment to quality and detail."
Geoff Hepburn, Fund Manager, SWIP commented: "Marylebone Gardens is a perfect example of our strategy to buy opportunistically and demonstrates that through taking considered risk, we deliver outstanding performance for our investors.